The Misconception That Solar Is Too Expensive

Amazingly, a common refrain of people who decide not to go solar is that they believe it is too expensive.

In all fairness, this may have been the case for many homeowners 10-15 years ago when prices were quite a bit higher. However, this simply is not the case anymore. Homeowners will now stand to save many thousands of dollars by getting a solar panel system installed on their homes.

There are quite a few ways to explain why solar power is a great investment. Let’s consider one of them now.

A good way to justify paying for a solar panel system is to relate it to paying for a home. They share many of the same characteristics. Those that qualify, and want to purchase a home, do not typically say something like…. “It’s how much?!? I can’t afford that!!!” Instead, they recognize the value of the asset and acquire a mortgage with payments that they can afford.

Savvy homeowners realize that solar is a similarly valueable proposition. They recognize the value of owning their homes, they will attribute the same value to owning the means of production of the electricity that they need.

Much like a home, most people don’t have enough cash savings to pay for a solar panel system outright. That’s ok. What is realized is that both homes and solar are valuable assets over the long term.

In a typical situation, homeowners can acquire a loan for their solar system in which payments are about the same as what they were already paying their local utility. The huge difference, is that after about 7 or 8 years, the solar loan is payed off and the homeowners now benefit from free electricity from their systems for many years into the future.

Another common, and well justified concern from homeowners, is what will happen if they decide to move in a few years after the solar panel system is installed. According to the U.S Department Of Energy sponsored Berkeley Lab study ….“found that buyers were willing to pay $15,000 more for a home with the average-size solar photovoltaic system (3.6 kilowatts), or about four additional dollars per watt of solar power.” So even if the homeowners who had the systems installed will not directly benefit from the solar power, they will at least be financially compensated for their investment when they sell their homes.

It’s very likely that many of those that say that solar is too expensive are really just doubting solar power technology. Maybe they don’t really think it can be a substitute to what their local utility is providing them. Who can blame them? The process of solar electricity generation does seem a little like magic. While it may be beneficial to be slightly skeptical in life, the solar electric effect was discovered more than 100 years ago. It’s proven technology.

Unfortunately, most people will wait until their neighbors have gone solar. That built-in neighborly trust is what is needed for many to finally become educated on the inherent value involved with solar.

There are still, unfortunately, many irrational reasons that people give for not going solar. Hopefully, as word continues to spread about the affordability of solar and how it can be financed, the whole “it’s too expensive” argument will fall to the wayside. This will likely make the other excuses seem pointless as well.

The American residential solar power industry is still in its infancy. The majority of homeowners still have yet to take advantage of the savings involved with the world’s cheapest source of electricity.

This will soon change, without a doubt.